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Small Business Tax Advice

By Clip Syndicate
Small Business Tax Advice Video: Small Business Tax Advice
Small Business Tax Advice Mon, 27 Mar 2017 10:17:55 +0000 Small Business Tax Advice Small Business Tax Advice WROC 3 ((mark/interview)) mark: dave young from the new york state society of c-p-as is back with us. dave, good to see you. dave: oh, it's great to be here today.mark: it's a busy time of year. we're going to start with small business tax tips today. we're beginning with getting organized, and we're not just talking about keeping your desk clear either here. we're really getting organized.dave: right, when you have a small business, you want to be organized throughout the year, but particularly this time of year so you don't miss any deductions. you want to keep your business and your personal stuff separate. for an expense to be deductible, it has to be ordinary and necessary, and it has to be in your line of business. a great example of getting organized is having everything in software, and receipts backed up in a folder. your mileage is a big issue. a lot of times folks will keep mileage times in their car, but they might miss things that are in the their computer, in their outlook and in their calendar. go back and check that to make sure you picked up that extra mileage. there's also apps out there for your smart phone to help keep track of your mileage on a go-forward basis. mark: you say, make sure you've decided whether you're going to use the standard method or actual method as it relates to mileage, correct? dave: that's right. once you buy the ticket on the train, you have to stay with that method. if you place a vehicle in service, and you choose the standard method in year one, you're stuck with standard method throughout the lifetime of that vehicle-- or actual, that's correct.mark: getting the most out of your home office deduction is really important, and also the possibility of hiring your children, right?dave: right. office and home deductions are big. the i-r-s actually a few years ago made it simple. they give you five dollars per square foot use, but they're not going to give more than three hundred square feet as the size of your office. if you do that, it has to be exclusive use. that's big. if it's a spare bedroom, it can't be used for the kids or your in-laws coming over to visit. it has to be exclusive use. that's a very key element in that. when you do that and you have an office in your home, when you travel from your home to your business, that's going to be actually a mileage deduction. hiring your kids is going on a go-foward basis. you don't have to pay payroll taxes if you're set up with sole proprietorship. that's a great idea going forward.mark: section 179, this is all about a deduction limit, right?dave: that is i-r-s section 179. it's a really great tool. if you buy a big piece of equipment, you can write the entire piece of equipment off in the same year. if you buy a bunch of computers, and you've placed them in service in 20-16 for twenty/thirty thousand dollars, you can write all of that off in one year. it's a great tool to get your tax down if you can use that.mark: all right, we'll leave it there because our time is short. we have several more tips we want to share as well -- as always, thank you -- we'll add them to our website at there's more with the state society at you'll find that at 3

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